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I am asking because .......... I have a HELOC on a Property already , and I want to pay it off and get out from under it as soon as possible

So was wondering , that if the next property I purchase has Equity in it , how soon i have to wait before I could putt that Equity out ( using a VA loan for the purchase ) to use it , to pay off this HELOC >??

Real Estate Agent from Wichita, KS

replied over 1 year ago

It’s possible to buy a distressed property. It just has to meet the Minimum Property Requirements, in fact I just made a VA loan offer on a HUD home. It just has to appraise meeting MPRs. Basically ugly is ok; unsafe, unsanitary, unsound is not.

Not sure as to your original question though. I’d like to know from a VA lending specialist.

from Olive Branch, Mississippi

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